Chad Barrett Of Aquila Commercial And Michael Provost Of Serpa Partners Acquire Cielo Center In Austin

The asset involved in this transaction is an office complex known as Cielo Center, located at 1250 South Capital Of Texas Highway in Austin. The facility comprises three buildings and has a total square footage of 286,000. Currently, it has an 11.7% vacancy rate, demonstrating a solid presence in the market. The new owners plan to implement upgrades as they assume leasing and management responsibilities in Austin's prime office submarket.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: Not specified
• Square Footage: 286,000
• Address: 1250 South Capital Of Texas Highway
• Market: Austin
• Buyer: Chad Barrett - Aquila Commercial
• Buyer: Michael Provost - Serpa Partners
• Seller: Barry Sternlicht - Starwood Capital Group
• Vacancy Rate: 11.7%

The deal features Chad Barrett from Aquila Commercial and Michael Provost from Serpa Partners as the buyers, who acquired the property from Barry Sternlicht representing Starwood Capital Group. The transaction marks a continuation of Starwood's investment strategy initiated in 2017 when they originally acquired the property as part of a portfolio deal.